Poundland owner Steinhoff shares CRASH amid accounting scandal

THE owner of Poundland lost up to two thirds of its value yesterday amid an accounting scandal.

PUBLISHED: 13:58, Thu, Dec 7, 2017
| UPDATED: 14:11, Thu, Dec 7, 2017

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Poundland lost up to two thirds of its value amid an accounting scandal yesterday

Shares in South African group Steinhoff International, whose brands also include Harveys and Bensons for Beds, plunged after it flagged “accounting irregularities”, which it has asked accountants PwC to investigate.

Its chief executive, Markus Jooste, has resigned, with its chairman, Christo Wiese, taking on an interim executive role.

The company said late on Tuesday that he had resigned with immediate effect Steinhoff said it would publish its annual figures “when in a position to do so”, and will “determine whether any prior years’ financial statements will need to be restated”.